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Bitcoin BTC Technical Analysis: BTC/USD may not have bottomed yet

  • Bitcoin price on Friday was down a modest 1%, but price action still spells danger.
  • BTC/USD is moving within a range/consolidation block, subject to an extended move south.
  • Deep downside target still eyed down at $4500 mark, as next major support.  
  • Price action has formed a bearish pennant via the 60-minute view.

 

BTC/USD 60-minute chart  


 
 

Spot rate:                   5563.98

Relative change:       -1.03%

High:                          5610.31

Low:                           5467.28

 

Trend:                        Bearish

 

Support 1:                  5480.09, lower trend line of pennant.  

Support  2:                  5303.67,  daily pivot point support.

Support  3:                  5202.57,  15 November low.

Resistance  1:              5578.29, 50MA & upper trend line of pennant.  

Resistance  2:             5748.82,  daily pivot point  resistance.

Resistance  3:             5918.71,  daily pivot point  resistance.

 

BTC/USD daily chart

  • The price via the daily chart view, can be seen dipping in and out of a vital demand area. This appears to be the only hope before a potential drop down to $4500.

 

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